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FxWirePro: Silver moves in stiff boundaries, good to buy on dips

  • XAG/USD is currently trading around $16.42 marks.
     
  • It made intraday high at $16.48 and low at $16.36 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at $16.32 mark.
     
  • A daily close above $16.47 will test key resistances at $16.62, $16.75, $16.82, $16.96, $17.08, $17.22, $17.40 and $17.52 marks respectively.
     
  • On the other side, a daily close below $16.47 will take the parity down towards key supports at $16.32, $16.18, $16.08, $15.90 and $15.68 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take long position in XAG/USD  around $16.40, stop loss $16.30 and target of $16.62/$16.75.

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